The settlement includes for the first time details of the closed-door conversations between Morgan Stanley and Facebook ahead of the IPO, including testimony from Michael Grimes, who led the deal for the firm. According to the consent order, Grimes wrote a script for Facebook’s then-treasurer to read to analysts that detailed Facebook’s lowered revenue estimates.

Grimes 'did everything but make the phone calls himself', the regulator said in a statement. Grimes was identified in the settlement only as a 'senior investment banker', though it provided biographical details that match his.